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Allegiant Gold ( (TSE:AUAU) ) just unveiled an announcement.
Allegiant Gold has successfully closed a fully subscribed non-brokered private placement, raising $3.5 million. The funds will be used to support the company’s drilling program at its flagship Eastside Gold-Silver project in Nevada, which currently has significant inferred resources of gold and silver. The successful financing from long-term shareholders is expected to bolster Allegiant’s exploration efforts, potentially leading to a re-rating of its share price.
The most recent analyst rating on (TSE:AUAU) stock is a Buy with a C$0.50 price target. To see the full list of analyst forecasts on Allegiant Gold stock, see the TSE:AUAU Stock Forecast page.
Spark’s Take on TSE:AUAU Stock
According to Spark, TipRanks’ AI Analyst, TSE:AUAU is a Underperform.
Allegiant Gold faces significant financial challenges with ongoing losses and negative cash flow, despite a strong balance sheet. Technical analysis points to a bearish trend, while valuation concerns are evident from a negative P/E ratio. However, positive corporate events, such as strategic initiatives and board changes, offer some potential for improvement. Overall, the stock is rated low due to financial performance and valuation issues, with a modest score reflecting these challenges.
To see Spark’s full report on TSE:AUAU stock, click here.
More about Allegiant Gold
Allegiant Gold Ltd. is a company that owns five highly prospective gold projects in the United States, all located in the mining-friendly jurisdiction of Nevada. Its flagship project, the Eastside project, hosts a large and expanding gold resource and benefits from excellent infrastructure. Preliminary metallurgical testing indicates that both oxide and sulphide gold mineralization at Eastside is suitable for heap leaching.
Average Trading Volume: 52,135
Technical Sentiment Signal: Buy
Current Market Cap: C$20.15M
Learn more about AUAU stock on TipRanks’ Stock Analysis page.